Azerbaijan, Baku, July 4 / Trend A. Akhundov /
The State Insurance Supervision Service at the Azerbaijani Ministry of Finance continues to work on a list of state property which is subject to compulsory insurance, head of the State Insurance Supervision Service Namig Khalilov told media today.
"A list is being prepared," he said. "Different approaches are being discussed."
He said state property insurance will not be carried out by one contractor. "The tender is not expected to be announced as each state organisation will determine the insurer itself," he said.
All companies within the compulsory insurance bureau will be able to participate in the compulsory insurance of state property in Azerbaijan.
The organisations will pay insurance premiums to the companies from their own budget funds.
The compulsory insurance bureau was established in Azerbaijan in December 2011 in accordance with the requirements of the new law 'Mandatory types of insurance' and includes 12 companies.
The law regulates four types of compulsory insurance - real estate, liability of owners of motor vehicles, passenger insurance and liability insurance while exploiting real estate. The insurance companies began using the law on December 16, 2011.
